Labor Day gas prices expected to reach four-year low

Motorists preparing for a Labor Day road trip will likely see the cheapest gas prices for the holiday since 2010.

Oil and gasoline prices slipped again in the past week and that decline is likely to continue into the holiday weekend.

“Record high oil production is keeping downward pressure on gas prices,” said Mark Jenkins, spokesman for AAA – the Auto Club Group. The price for a barrel of WTI oil settled at $93.65 on Friday – $3.70 cheaper than the week before, and the cheapest settlement since January. Refineries are producing the most petroleum for this time of year since 1989, primarily due to the shale boom, which has boosted oil production in the U.S. by 64 percent in the past five years.

The current national average price for a gallon of regular unleaded gasoline is $3.44, 15 cents cheaper than the average price on Labor Day 2013.

The average prices in Florida, Georgia and Tennessee are cheaper than last year’s Labor Day by 22 cents, 21 cents, and 18 cents respectively.